Mortgage Relief For Homeowners Now

posted by Lana N. | 3pt
April 25, 2013

A staggering 15.7 million American mortgages are currently underwater -- one in three mortgages nationwide. Millions more are unable to refinance at historically low rates, leaving them paying thousands in additional interest each month.
A series of bills currently in Congress could save 4.2 million homeowners an average of $2,500 each year, a total of $10 billion annually, but we need to make sure they pass.
Today, Rebuild the Dream is launching a new national campaign to help millions of struggling families keep their homes. Throughout June, “Hope for Homeowners” will spearhead a coalition of underwater homeowners and partner organizations in on-the-ground actions and petition deliveries to senators in 13 key states -- NV, FL, ME, MA, OH, AZ, GA, MO, NC, PA, TN, VA, and WI.
Rebuild the Dream will be joined by coalition partners, which include the Leadership Conference on Civil and Human Rights, U.S. PIRG, the Center for Responsible Lending, Americans United for Change, and many more.
“We’re going to mobilize Americans to demand bold action to help struggling homeowners through the November elections and beyond, and this nationwide on-the-ground effort is just the first step,” said Natalie Foster, CEO of Rebuild the Dream. “Congress has a chance to pass home mortgage relief that would save a homeowner thousands each year, spark the economy, and provide hope to millions of Americans.”
The three bills supported by this campaign are:
‣ “The Responsible Homeowners Act,” which helps families refinance with historically low interest rates and is sponsored by Sens. Barbara Boxer (D-CA) and Bob Menendez (D-NJ)
‣ “The Rebuild Equity Act,” which helps homeowners get above water faster with shorter mortgages, sponsored by Sen. Jeff Merkley (D-OR)
‣ “Expanding Refinancing Opportunities Act,” which expands refinancing options for homeowners with non-federally guaranteed loans, sponsored by Sen. Dianne Feinstein (D-CA)
Together these bills will provide support to millions of underwater homeowners across America. This campaign is the first stage in a larger effort to stem the foreclosure crisis through economic relief for underwater homeowners, and to prevent any future economic disasters by investigating the mortgage fraud by banks and lenders responsible for the crisis.
“While the bankers who put us in this mess roam free, American families are drowning,” said Van Jones, co-founder of Rebuild the Dream. “This is just one step toward ending the mortgage crisis, but for millions of Americans it could mean the difference between losing and keeping their homes.”